For those who work within the product area, you’ve seemingly come throughout the influential concepts of Theodore Levitt. One in all his well-known quotes states that prospects don’t purchase a quarter-inch drill; they purchase a quarter-inch gap. Levitt’s e book, ‘Advertising and marketing Myopia,’ revealed in 1960, stays related even immediately. It highlights the significance of constantly reassessing the trade and the merchandise provided in response to evolving buyer wants and rising options.
The e book emphasizes specializing in buyer wants moderately than being fixated on the corporate’s manufacturing course of, also known as a ‘function manufacturing facility’ immediately. Advertising and marketing Myopia’ additionally supplies helpful insights, such because the origin of the expression ‘oil for the lamps of China.’ This expression represents the idea that demand will be generated by inventing an issue that didn’t exist earlier than, by the introduction of one other product. Years later, Steve Clean described these phenomena in his e book ‘4 Steps to the Epiphany’ by the ideas of market and buyer improvement. Levitt’s evaluation of Ford’s meeting line and mass manufacturing is one other notable side.
In abstract, ‘Advertising and marketing Myopia’ is an distinctive article that I extremely advocate studying. For those who haven’t learn it but, I hope my notes encourage you to take action (HBR has the entire model on-line free of charge). For many who have already learn it, I hope these notes spark new ideas and reflections
